Transcript 1.1 Jobs and Careers

2.1 Marketing
Planning
MARKETING
MR. PAVONE
SWOT Analysis
SWOT Analysis

SWOT Analysis – An assessment of a company’s strengths
and weaknesses and the opportunities and threats that
surround it; SWOT: strengths, weaknesses, opportunities,
threats.

The internal and external awareness will help a business
identify weaknesses and prepare to handle threats such
as competition or a changing marketplace; will also help
a company be more competitive because it provides
guidance and direction.
Internal Strengths and Weaknesses

Strengths and weaknesses are both internal factors that
affect a business operation, centering around three C’s:

Company

Customers

Competition
Company Analysis

By reviewing staff, financial situation, production
capabilities, and each aspect of the marketing mix, a
company can find out what they do well and in what
areas they are weak.

Areas of question would be:

Staff-Related Questions

Financial Questions

Production Capability Questions

Marketing Mix (Four Ps) Questions

Product

Price

Promotion

Place
Customer Analysis

Customers are a great source of information, more can
be found out by asking who they are, how groups differ,
what, when, where and how much do they buy, etc.

Catalog companies use database technology to see
buying patterns, allowing them to introduce interestspecific catalogs.

Surveys and questionnaires are done by customers to
pinpoint areas that need improvement.

Monitoring customer satisfaction reveals both strengths
and weaknesses.
Competitive Position

A company may have certain strengths and weaknesses
when compared to its competitors, a strength being
having greater market share, a weakness being losing
market share.

Some questions that help a company analyze its internal
competitive position are what is the company’s market
share, what advantages does the company have over
its competitors, what core competencies does the
company possess, and are competitors taking business
away from the company.
External Opportunities and Threats

Companies must always look for opportunities to create
competitive advantage due to external factors, such as:

Competition

Environmental Scan

Political

Economic

Socio-Cultural

Technological
Competition

To stay competitive, companies need to know what their
competitors are doing at all time, including changes in a
competitor’s financial situation and problems in the
marketplace to provide opportunities.

Companies that conduct SWOT analysis on an ongoing
basis are in a better position to react and make
adjustments to their marketing mix.
Environmental Scan

Environmental Scan – An analysis of outside influences
that may have an impact on an organization.

Four areas are studied in an environmental scan:

Political

Economic

Socio-Cultural

Technological
Political

Companies must be alert to changes in laws and
regulations that affect their industries, as well, global
companies need to understand the political structure
and regulations of each foreign country in which they
conduct business.

Examples of issues and current regulations that may
affect certain industries in a positive way:

Do Not Call Registry

Downloading Music from the Internet
Economic

Current state of the economy is of interest to all
businesses: robust economies are more likely to invest in
new products and ideas, while an economy in recession
is likely to slow that process down.

Important factors to be considered are:

An economy is recession poses a threat to nearly all companies.

Unemployment and consumer confidence.

Changes in foreign currency rates.

Illegal dumping (selling imported products at a very low price).

Changes in trade restrictions, such as lowering or raising taxes.
Socio-Cultural


Socio-cultural analysis is based on customers and
potential customers, covering changes in demographic
factors, such as:

Age

Income

Occupation

Education level

Marital status
Two examples are:

United States becoming more ethnically and racially diverse.

Obesity causing health problems, advocating healthier eating habits.
Technological

Changing technology may be a threat to one industry or
company, but an opportunity for others to develop new
products to support it.

Some examples are:

Computer Automation

Satellite Technology
Writing a Marketing Plan
Writing a Marketing Plan

Marketing Plan – A formal written document
communicating the goals, objectives, and strategies of
a company.

A marketing plan:

Details analysis and research efforts.

Provides a roadmap for how a product will enter the market, be
advertised and sold.
Elements of a Marketing Plan

Marketing plans may differ from company to company.

Basic elements in a marketing plan include:

Executive Summary

Situation Analysis

Goals and Objectives

Marketing Strategies

Implementation

Evaluation and Control

Performance Standards and Evaluation

Appendix
Executive Summary

Executive Summary – A brief overview of an entire
marketing plan.

This is the introduction to the marketing plan.

Its clarity and brevity sell the plan to readers.
Situation Analysis

Situation Analysis – The study of the internal and external
factors that affect marketing strategies.

Situation analysis includes:

SWOT analysis

Environmental scan

This part provides a snapshot of the company’s present
position.

It often reports the results of a SWOT analysis and an
environmental scan.
Goals and Objectives

This section includes:

Company’s mission

Marketing objectives

Financial objectives

This section defines specific goals to be met.

To be effective, objectives must be single-minded,
specific, realistic, and measurable, and must contain a
time frame.
Marketing Strategies
Marketing Strategy – Identification of target markets and
determination of marketing mix choices that focus on
those markets.
 This section includes:


Positioning and points of difference

Marketing mix (four Ps)
 Product
 Promotion
 Price
 Place

(distribution)
This is where the company defines how it is going to
meet its objectives with a marketing mix: the four Ps.
Implementation: Make the Plan,
Work the Plan

Sales Forecasts – The projection of probable future sales
in units or dollars.

Implementation includes:


Organization

Activities and responsibilities

Timetables
This part outlines how the company will put its plans into
effect.
Evaluation and Control

Evaluation and control includes:



Performance standards and measurements

Marketing objectives

Financial objectives

Marketing mix strategies
Corrective action
This part tells how the marketing plan will be evaluated
and what measures might be necessary if objectives are
not met.
Performance Standards and
Evaluation

Performance Standard – An expectation of
performance that reflects a company’s goals and
marketing plan objectives.

This section suggests actions that should be considered if
objectives are not met; the company’s goal is also to
reduce the gap between planned performance
standards and the actual performance.
Appendix

The appendix is the section of the marketing plan that
includes supplemental materials such as detailed
financial statements, sample ads, and other materials
that support the plan.
Conclusion

The marketing process is a circular pattern that keeps
going through planning, implementation, and control,
asking at the end, “Did we accomplish the objectives
listed in the marketing plan within the boundaries of the
plan?”

A marketing plan, that happens on a formal basis,
evaluates a company’s marketing objectives, strategies,
budgets, organization, and performance, as well as
problem areas in marketing operations.